What Is Authentic Chain?
Authentic Chain is a decentralized stock exchange in which securities are bought and sold.
A decentralized exchange is a type of cryptocurrency exchange in which direct peer-to-peer cryptocurrency transactions are allowed to take place securely online and without the need of a middle man or a third party.
Authentic chain acts as an agent for the economy by facilitating trade and disseminating information and deploys decentralized finance.
It enables small and growing business owners to buy ownership, shares, and stocks through the use of Authentic currency.
How Does Authentic Chain work?
Authentic chain has a currency known as the Authentic Shilling where this shilling enables the public to come in and buy the native currency of the authentic chain to represent their stake in a project or the small and growing businesses.
Once the small business is committed to a project the stakes doubles and triples depending on the interest from that particular project, such projects are; agriculture, film, and the foods businesses.
Workforce required
For Authentic chain to work efficiently it has to have a team that works tirelessly to ensure that the authentic shilling does not get tampered with, making it difficult for thieves and hackers to access the ledger.
The process that maintains this trustless public ledger is known as mining.
While the authentic shilling users carry out their trade among themselves, miners keep records of each transaction made every time.
The process of recording transactions is considered time-consuming. This is partially developed through authentic software to prevent people from inserting fraudulent transactions to enrich themselves.
The miners are devoted to overseeing that the authentic program is running smoothly despite the difficulty of accessing or completing a transaction.
Technology Input
Even though authentic chain is public and physical, it can be hidden in a safe box. It is almost impossible to tamper with it.
New technology has made it possible for people to transact their currency without the need of trusting a third party. This is different from traditional transactions.
Cryptographic protocols ensure secure communication and make sure that each translation is belted onto the last in a long transparent and immutable chain. This helps in reducing fraud.
This new technology enables one to access his money wallet and conduct transactions from peer-to-peer without going through a long process.
Benefits of Authentic chain
Better Transparency
Transparency is one of the biggest problems faced by the current industry. Authentic chain has tried to work on the rules and regulations to better its transparency, putting in mind that centralization does not make any system to be 100% transparent.
In Authentic chain, transactions take place through a peer-to-peer model where validation is executed by network participants
Not everyone takes part in this method, but everybody's free to choose whether they want to participate in the validation process or not. The consensus method is used to provide validation through decentralization.
Once a transaction is validated, each party keeps a copy of the transaction record and by the use of this method authentic chain handles transparency.
Reduced Cost
Today, most businesses spend a lot of money to manage and improve their current systems and they want to reduce the cost and divert the money into improving current processes and building something new.
There is no need to meet additional transaction costs associated with third-party services.
Less interaction is needed when it comes to validating transactions, hence removing the need to spend time and money on basic things.
Enhances Security
Authentic chain ensures enhanced security where for any transaction that has ever been performed on the network both of the parties have a validated copy of the transactions.
Security is enhanced also by making sure no changes can be made in a transaction. For any changes, one has to make a request first to write a transaction to the network and the party involved may reject the request.
Authentic chain has ensured that once data is written it cannot be reverted by any means hence improving its security.
Improved Efficiency and Speed
Authentic chain solves all processes that consume time and automates them to maximize efficiency.
With the help of automation, authentic chain eradicates human-based errors. Unlike the traditional transactions where many human-based errors are encountered.
It is made easier for everyone to trust each other since every single transaction is stored in a decentralized ledger hence being a highly efficient process that is full of trust and transparency.
Liquidity of Assets
The liquidity of assets makes it easier to convert one’s assets to cash. Authentic chain technology has made it possible for their clients to access their assets and also convert the assets into quick cash when they are required.
Lesser transaction procedures are to be encountered in the process of liquifying one’s assets. For small business owners, these assets work as an added advantage because they can also help cover unknown incurred expenses.
Authentic chain does not deal with the process of taking loans; instead, it offers business owners enough investments of the Authentic coin or the Authentic shilling.
The Authentic shilling acts as a guaranteed form of liquid assets that back them up in business financial issues.
Why There is a Need for Decentralized Funding
Decentralized funding is a form of finance that does not depend on central financial intermediaries such as banks to offer traditional financial instruments but instead uses smart contracts.
Decentralized funding aims in using technology to remove and replace intermediaries between parties in a financial transaction.
Decentralized currency is immune to deflation and inflation.
Decentralization Facilitates Diversification
The diversification of market activities and products is facilitated under decentralization. A centralized enterprise finds it complex and difficult to diversify its activities, this is due to the concentration of authority at the top.
Provides Emphasis on Market and Products
When new products appear in the market on account of meeting the customers’ demand the old products lose their market. For such instances, the authority is decentralized to the regional units to enable the offer of instant service taking into account the price and the quality of the product and services.
Decentralization Enables Quick Decision Making
Decentralization brings about the decision-making process closer to the scene of action, this leads to quick and good decision making of lower-level since decisions do not to be referred up through the hierarchy.
Transactions are discrete
Unless someone wants to publish his or her transactions, Authentic chain transactions are never associated with personal identity.
Once the transactions or purchases are done they can not be traced back to the owner. The transactions do exist but do not directly link up with personal identity as it happens in traditional forms of payment.
Reasons Why it is Difficult for Small Businesses to grow in Kenya Today
Little Investment in Research and Development
Small businesses in Kenya are mostly built on a myopic foundation, and most of the business’s owners want to increase their profit while using the least amounts on research and development.
Most of the small business owners care too much about today and fully forget about their business tomorrow.
The best thing that both small and growing business owners in Kenya should do, is to work on looking for the best ways to solve current and future problems rather than just dealing with the present.
Unhealthy Competition
In business, competition is a good thing and without competition, there would be no innovations and growth in the business world.
In Kenya for instance, when a small company tries to come up, the big established companies come together to choke it at the early development stages.
There is a very thin line between health and unhealthy and unhealthy competition practices. Such unhealthy competition makes it impossible for small and growing businesses to succeed in Kenya.
Corrupted Systems
In Kenya, small businesses collapse briefly after starting this is due to the high corruption rate that has been infiltrated into the systems. This always discourages entrepreneurs from investing more in their growing businesses, hence reducing their innovative skills.
A high transaction fee has become a major problem faced by small and growing business owners hence making them suffer a loss since they make fewer profits when payments are being done through traditional centralized procedures.
Poor Control of Expenditure
Uncontrolled form of expenditure in a growing business can be a major cause of its downfall. When a business starts not much revenue is earned and if the little is misused the business may never grow or may close down.
It is, therefore, necessary for business owners to be cautious in their expenditure and have track and records on all necessary accounting documents.
Theft, Fraud and Natural Disaster
In most cases, revenue earned in a small and growing business is quite small hence, if it is faced with crises it may end up closing down by the failure to grow. It is therefore advisable for small business owners to get insurance since such kinds of disasters are beyond their control.
A well-understood insurance policy works to the advantage of the owner. The belief that small businesses do need insurance has made many growing businesses fail.
Decentralized Banking Techniques
The idea of decentralized is one of the unique that has been taken in by the citizens in a positive way. This is because decentralization has swept away the old method of using a middleman for one to complete a transaction, unlike bank transactions the decentralized banking completes transactions with a lesser fee.
They have a blockchain system that is used to protect against double-spending and modification of previous transaction records.
Payments are verified by notification in one’s wallet informing them of balance and transactions made.
This confirmation makes the user able to be accountable for their appendages. There are credit cards or numbers that someone may use to comment on fraud. It is even possible for someone to conduct a transaction with a hidden identity.
Lesser Paper Work and Procedures
Unlike the centralized form of banking, Authentic chain can complete transactions globally with lesser transaction fees and lesser paperwork. These transaction papers are stored safely in a blockchain.
For where keeping records of the transaction is made a major part of the function and consumes most of the time to prepare, and yet they are not completely errored free which might call for a re-do.
This kind of error may cost both the client or the servers. The more the paperwork the more the risk of fraud is incurred, this can threaten both the financial status of the client and maybe even lose their job.
Authentic chain system has got miners who work tirelessly to record all transactions that are taking place.
It has a native authentic currency known as the Authentic Shilling that varies in value.
It is also decentralized and hence it enables transactions to be done peer to peer without involving a middle man or a third party. This type of procedure guarantees financial support to projects which double or triples the stakes depending on the interest reaped from the project